NACT - Newagecities.com, Inc. To Change Name And Stock Symbol
WEST PALM BEACH, FL -- (INTERNET WIRE) -- 10/04/01 --
Newagecities.com, Inc. (OTCBB: NACT) announced today that in
anticipation of a successful vote at next week's special shareholder
meeting in the company headquarters at 10:00 am on Friday, October
12, the company has filed with the NASD for a new stock symbol. The
NASD has approved the new symbol GTEC, based on the company pending
name change to Genesis Technology Group, Inc. As explained in the
previous press release dated September 25 and its recent proxy
mailing to shareholders, the company will be merging into its
wholly-owned Florida subsidiary, Genesis Technology Group, Inc.,
effectively changing the company's name and domicile to Florida. The
company anticipates trading under the new symbol on October 15.
Dr. James Wang, CEO and President commented, "We are excited about our
new name and symbol. The change much more accurately reflects our new
business model. The timing for this change could not be better - we
just completed our first quarter implementing this new business model
and have already demonstrated its effectiveness and success. Our
third quarter results ended September 30 will show a major increase
in revenues over the last one with significant profitability."
Management will present some exciting developments in the special
meeting, as well as distribute a new investor package. All shareholders are
encouraged to attend the meeting.
About Newagecities.com, Inc.
Recently, Newagecites.com acquired Genesis Systems, Inc. The mission of
Genesis Systems, Inc. is to accelerate the success of technology
companies by acquisition and development. The Company develops,
invests in, and operates high technology related companies in the US,
China, Taiwan, Hong Kong and Singapore. The Company strategy includes
the internal development and operation of subsidiaries within the
Company corporate family, as well as investment in other technology
companies directly, and through other venture capital arrangements.
The Company strategy also envisions and promotes opportunities for
synergistic business relationships among all of the companies within
its family. For more information, please visit
www.genesis-systems.net
This announcement contains forward-looking statements that involve
risks and uncertainties, including those relating to the company's
ability to grow its business. Actual results may differ materially
from the results predicted and reported results should not be
considered as an indication of future performance. The potential
risks and uncertainties include, among others, the company's limited
operating history, the limited financial resources, domestic or
global economic conditions, activities of competitors and the
presence of new or additional competition, and changes in Federal or
State laws and conditions of equity markets. More information about
the potential factors that could affect the company's business and
financial results is included in the company's filings, available via
the Securities & Exchange Commission.
Contact: Dr. Ken Shenkman, Genesis Systems, Inc.
Phone: 561-835-6600
Fax: 561-835-6611
Email: ken@genesis-systems.net
